For Immediate Release Media Contact: George Rotsch
“Place ALL the FTX Money into Trust for the Victims,” says Brady, Delaware State GOP Chair
Last month, Jane Brady called for the Delaware Democrat Party to reject campaign donations from the CEO of FTX, Sam Bankman-Fried, who contributed $9756.20 to the Democratic State Committee of Delaware on August 31, 2022, just months before his cryptocurrency company collapsed, with more than $1 billion of client money now missing. Brady, the Chair of the Delaware State Republican Party, is now calling for the Democrat State Party to return an additional $20,000 from Nishad Singh, the former Director of Engineering at FTX.
“We are renewing our call for the Delaware Democratic State Committee to return ALL the donations from FTX to the victims who lost their savings in this collapse of FTX,” asserted Jane Brady.
As reported in the Wilmington News Journal on January 3, Travis Williams, the Democratic Party of Delaware’s deputy director, said they have been in consultation with their attorney on this matter and are closely monitoring the situation as it develops. “There is nothing to watch and nothing to develop. They should simply do the right thing and take proper steps to put the money in a trust for the benefit of the victims”, said Brady.
The donations are among the nearly $80 million Singh, Bankman-Fried and co-CEO of FTX Digital Markets Ryan Salame gave to political campaigns and committees across the nation from September 2020 to November 2022, USA Today reported by citing records from the Federal Election Commission.
FTX, the second largest donor nationally to the Democrat Party, donated almost $40 million to Democrats to influence the midterm elections according to the Federal Election Commission. Analysts believe Sam Bankman-Fried was seeking to buy preferential treatment in Washington, D.C. as his company was going bankrupt. “Investors, pensioners, and young people who trusted FTX got scammed”, declared Brady. “Any political entity or candidate who received money from Bankman-Fried or FTX should not keep it. That money rightfully belongs to the victims of the scheme”, stated Brady.
Other political officials have already rejected the contribution. Sen. Dick Durbin (D-Ill.), the chamber’s No. 2 Democrat, will redirect Bankman-Fried’s $2,900 donation “to an appropriate charity,” a member of his staff told the New York Post as reported on November 15, 2022.
The Biden Campaign received $10 million in 2020 from Sam Bankman-Fried. The White House did not say what Biden will do with funds that were used to support him, nor did the Democratic National Committee, according to the New York Post.